VastNed Retail, the European retail property investment fund focusing on high street shops, has concluded two loan agreements with Rabobank Rotterdam that are in line with the optimization of its conservative financing as announced upon the presentation of the sharpened strategy.
A long-term loan of €25 million that was to expire end of April 2012 has been extended by three years. Furthermore, a short-term loan of €25 million has been converted into a long-term loan that will expire end of April 2015.
Tom de Witte, Chief Financial Officer: “These two loans improve our financing profile because they limit the expirations in 2012 and because they comprise yet another step in our strategy to reduce the short-term part of our loans.
“These financings confirm yet again that a good relationship with the loan-providing banks is of great importance in the current market.”